BAKU, Azerbaijan, June 3
By Ilkin Seyfaddini - Trend:
Uzbekistan's Ipak Yuli Bank and European Bank for Reconstruction and Development (EBRD) provide loans to individual entrepreneurs and legal entities in Uzbekistan, Trend reports referring to Ipak Yuli.
Under a joint program, EBRD and Ipak Yuli Joint Stock Innovation Commercial Bank provide financing to small businesses, both individual entrepreneurs and legal entities.
The main advantage of the program for entrepreneurs is that it is not necessary to provide a business plan and preliminary assessment of collateral value. In addition, clients can use the services of a personal financial manager, who can quickly make a decision on the loan.
Individual entrepreneurs and legal entities can receive a loan of up to three billion soum (or up to $300,000 in national currency equivalent) for up to 36 months. Repayment is made monthly in equal installments or according to seasonal schedule.
The European Bank for Reconstruction and Development facilitated the development of international trade in, from and within Uzbekistan by opening trade finance limits for Uzbekistan’s National Bank, Asakabank, Uzpromstroybank, Ipoteka Bank, KDB Bank Uzbekistan, Hamkorbank and Ipak Yuli Bank.
To date, EBRD has invested 1.85 billion euros through 79 projects in Uzbekistan's economy.
Earlier, the International Finance Corporation and Ipak Yuli signed an agreement allowing the bank to better manage currency risks and increase local currency financing for small and medium-sized enterprises, which play a key role in the economic development of Uzbekistan.
Ipak Yuli Joint Stock Innovation Commercial Bank, founded in 1990, is one of the first private banks in Uzbekistan. It provides a wide range of banking services to retail and corporate clients through a well-developed network consisting of 16 branches and 36 express centers in eight regions of Uzbekistan.
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